Effective February 2023
All agreements and disclosures shall be construed in accordance with the provisions of the California Uniform Commercial Code (UCC). Share “savings” accounts, share draft “checking” accounts and term certificate accounts are subject to the requirements below and such other terms and conditions as established by the Board of Directors and as contained in the account agreements.
Please note this Agreement contains a Binding Individual Arbitration Provision and Jury and Class Action Waiver which affects your rights with respect to any claims or disputes by or against the Credit Union. You may opt out of that provision as described below.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for our Members: When you open an account, we will ask for your name, address, date of birth, and other information allowing us to identify you. We may also ask to see your driver’s license or other identifying objects.
| Par value | The par value of each share in SCE Federal Credit Union is $5 |
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| Accrual of dividends | Dividends begin to accrue on the business day you deposit cash or non-cash items (e.g., checks) to your account if deposited before close of business. Accrued dividends may be forfeited if you close your savings, checking and term certificate accounts before dividends are credited |
| Dividend rates | The dividend rate and Annual Percentage Yield on our savings and term certificate accounts are stated on the Rate Schedule accompanying this Disclosure. Accrual begins on date of deposit. Dividends are paid from current income and available earnings after required transfers to reserves at the end of a dividend period. |
| Balance information | We compute the balance in our savings, Rewards Checking, and term certificate accounts to determine the dividends you will be paid by using the daily balance method which applies a daily periodic rate to the balance in your account each day. |
| Bylaw requirements |
The maximum amount of savings which may be held by any one member shall be established from time to time by resolution of the board. Savings may be transferred only from one member to another, by written instrument in such form as the Credit Union may prescribe. No transfer of voting rights or other membership privilege is permitted by virtue of transfer to or co-ownership of savings by nonmembers. The Credit Union reserves the right, at any time, to require members to give, in writing, not less than 7 days and not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid in by them No member may withdraw shareholdings that are pledged as required for security on loans without the written approval of the senior loan officer, except to the extent that such savings exceed the member’s total primary and contingent liability to the Credit Union. No member may withdraw any shareholdings below the amount of his/her primary or contingent liability to the Credit Union if he/she is delinquent as a borrower, or if borrowers for whom he/she is comaker, endorser, or guarantor are delinquent, without the written consent of the senior loan officer. |
| Requirement to maintain a Savings Account | You must open a Savings Account to open any other share or loan account. You must maintain the Savings Account to avoid closure of that account and any subsequent accounts. |
| Cargo por cuenta inactiva | Accounts with no activity for twelve (12) consecutive months will be assessed the Inactive Account Fee stated on the Schedule of Fees and Charges. You may avoid this fee if you meet any one of the following criteria:
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| Closing accounts | The Credit Union at its sole discretion may close an account at any time and remit the balance to you at the last address on file. Closure of an account will not affect the obligation to pay any outstanding balances of charges owed. Accrued dividends may be forfeited if the Credit Union closes your account. |
| Limitation/Suspension of services | The Credit Union reserves the right to limit, restrict or deny any credit union product(s) or service(s) in accordance with our Limitation of Services Policy to any Member who: (i) causes a loss to the Credit Union; (ii) misuses any Credit Union product or service; which may include and is not limited to attempt to structure transactions in order to evade currency reporting requirements; (iii) mistreats any Credit Union team member or volunteers; (iv) provides false or misleading information in connection with any transaction or Credit Union product or service; (v) is convicted of a crime or is directly involved in any fraudulent activity; or (vi) fails to comply with the terms and conditions of any agreement with the Credit Union. Notwithstanding, all Members retain the right to maintain a basic share account and to vote in annual and special meetings. No action to limit, restrict or deny services will relieve a Member of the obligation to pay any outstanding balances, charges, or other amounts owed to the Credit Union. Account Holder(s) agree(s) to indemnify and hold the credit union harmless from and against all claims, actions, damages, losses, and expenses, including attorneys’ fees, as a result of any action or inaction taken in relation to the matters described here. Any limitation or restriction of services will be reasonably related to the nature of the Member’s conduct. A Member will be provided reasonable advance written notice before any restriction of services is implemented, unless circumstances warrant more immediate action. |
| Transaction limitations | The maximum amount you may withdraw in cash at any SCE FCU branch location is $2,000 a day unless you contact us 5 business days in advance to arrange for a higher amount which is subject to availability. Withdrawals made at shared branch (non-SCE FCU) locations are also limited to $25,000 for check withdrawals or $1,000 for cash withdrawals unless authorization is obtained by the shared branch outlet. |
| Security password | You may elect to add a security password to your account as an added method to authenticate your identity when accessing your account information or conducting transactions over the phone. The password should be information known only to you. Sharing your password is strictly prohibited. You are responsible for the protection of your password and agree to immediately report to us if you suspect your password has been compromised in any way. You also agree to indemnify and hold the Credit Union harmless for any claims resulting from reliance on the password. |
| Arbitration | To the extent permitted by the Federal Arbitration Act (the “FAA”) and any other applicable federal law, binding arbitration may be elected by either party with respect to any past, present or future claim or controversy arising out of or relating to this Agreement and/or a Credit Union account, even if that party has already initiated a lawsuit with respect to a different claim. Arbitration is elected by giving a written demand for arbitration to the other party, by filing a motion to compel arbitration in court, or by initiating arbitration against the other party. You and we agree, upon such written demand, motion or initiation, to submit to, and that such claim shall be settled by, binding arbitration. The arbitration will be subject to the Rules of the American Arbitration Association (“AAA”) in effect at the time the arbitration is initiated, or such similar rules as may be adopted by AAA. Neither party will demand the arbitration of an action filed in small claims court, or its state’s equivalent court, for any claim or dispute within the scope of the small claims court’s jurisdiction. But if a claim is transferred, removed or appealed to a different court, such claim shall be subject to arbitration.This arbitration provision shall be interpreted and enforced in accordance with the FAA by a single arbitrator appointed by the AAA. The arbitrator shall be an attorney, retired judge or AAA panel member with experience and knowledge regarding financial institutions and transactions. Each party shall pay its own fees and costs of the arbitration pursuant to this Agreement unless otherwise required by law. In each case, each party will pay for its own attorney fees and costs, if any, for prosecuting and defending claims, except that the arbitrator may award the prevailing party all its attorney fees and costs, including expert witness fees. Arbitration hearings will be held in a location reasonably convenient to your residence, or at another location if mutually agreed. Any issue concerning whether or the extent to which a dispute or claim is subject to arbitration, including issues relating to the validity or enforceability of these arbitration provisions, shall be determined by the arbitrator. Only a court, and not an arbitrator, however, shall determine the validity and effect of the class action and jury trial waivers below. All statutes of limitations or other defenses relating to the timeliness of the assertion of a dispute or claim that otherwise would be applicable to an action brought in a court of law must be followed by the arbitrator, and the commencement of an arbitration under this Agreement shall be deemed the commencement of an action for such purposes. The arbitrator’s decision shall be final and binding and may be entered in any state or federal court having jurisdiction. The arbitrator may award any remedy provided by the substantive law that would apply if the action were pending in court. For more details, check the American Arbitration Association’s website OR call the American Arbitration Association’s Customer Service at 800.778.7879. |
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| Waiver of Class Action and Jury Trial | We each agree that any and all disputes, whether submitted to arbitration or decided by a court, must be brought in the party’s individual capacity and not as a Class Action plaintiff or class member in any purported class or representative proceeding. You agree to waive the right to participate in a Class Action or litigate on a class-wide basis. You agree that you have expressly and knowingly waived these rights. You and the Credit Union hereby voluntarily and knowingly waive the right to trial by jury of all disputes, controversies and claims by, between or against either you or the Credit Union whether the dispute, controversy or claim is submitted to arbitration or is decided by a court, to the fullest extent allowed by law. |
| Your right to opt-out | If you do not want this Arbitration & Waiver of Class Action & Jury Trial provision to apply, you may opt-out by sending a written request to the Credit Union postmarked within sixty (60) days of your receipt of this agreement. The opt-out must include your full name, address, telephone number, account number, and personal signature, and must be mailed to SCE Federal Credit Union, PO Box 8017, El Monte CA 91734. Opting out will not terminate this agreement or affect any other rights and obligations you or the Credit Union have under this agreement. |
SCE Federal Credit Union’s savings accounts let you deposit your money in a savings account and withdraw your money generally at any time. Our savings accounts are the Savings Account, No Dividend Savings, Youth Savings, Money Market Account, Super Saver, Youth Super Saver, Vacation Club, Holiday Club, and IRA Accounts.
Información sobre las tasas
Our savings accounts are designated variable rate accounts on the Rate Schedule. These rates and yields may change at any time at the Credit Union’s discretion. Current rates are posted on our Deposit Rates page.
Transaction limitations
No more than six preauthorized, automatic, online or telephonic transfers made to another account at the Credit Union or to a third party or no more than six transfers or withdrawals made by check, draft, debit card or similar order payable to a third party may be made from each savings account or money market deposit account in any calendar month. If an Account Holder exceeds, or attempts to exceed, these transfer limits, the excess transfer requests may be refused or reversed, a fee may be imposed on the excess transfer requests, and the Credit Union may reclassify or close the account. Transfers initiated by telephone must be counted among the six-monthly transfers, except that there are no limits on the number of withdrawals paid directly to an Account Holder when initiated by mail, telephone or messenger. There are no limits on the number of withdrawals if initiated in person.
| Cuentas de ahorros | Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos Transaction limitations |
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| No Dividend Savings Account | Our No Dividend Savings Account is a non-dividend earning account. Requisitos de saldo mínimo y depósito Transaction limitations |
| Cuentas de Ahorros | Our Youth Savings Account is a savings account for members under 18 years of age. Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos Transaction limitations At the age of 18, the Youth Savings Account will be converted to a Prime Savings Account (refer to “Prime Savings Account” for additional account information). |
| Money Market Account | Our Money Market Account is a tiered variable rate account. Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos |
Premier Money Market Account | Our Money Market Account is a tiered variable rate account. The first-tier balance is from $0 to $499,999.99, this tier will earn the regular Savings account rate. The second tier is from $500,000 to $749,999.99, the third tier is from $750,000 through $999,999.99 and the fourth tier is $1,000,000 or higher. The initial rate and annual percentage yield (APY) per tier is stated on the Rate Sheet accompanying this disclosure. The rate and APY are subject to change without notice or limitation. Minimum Balance and Deposit Requirements Dividend Compounding and Crediting |
Super Saver Account | Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos Transaction limitations |
| Youth Super Saver Account | Our Youth Super Saver Account is a savings account for members under 18 years of age. Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos Transaction limitations At the age of 18, the Youth Super Saver Account will be closed and the account balance will be transferred to a Savings Account (refer to “Prime Savings Account” for additional account information). |
Vacation Club Account | Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos Transaction limitations |
Holiday Club Account | Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos Transaction limitations |
IRA Savings Accounts | Roth, Traditional and Coverdell Education Savings Accounts Requisitos de saldo mínimo y depósito Capitalización y acreditación de dividendos Incorporation of IRA Agreement & Disclosures |
| Free Checking Account | Requisitos de saldo mínimo y depósito |
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Cuenta de Débito |
Our Teen Checking Account is available to eligible members between 12 to 17 years of age. Upon reaching 18 years old, the Teen Checking Account will convert to a Free Checking Account. Requisitos de saldo mínimo y depósito |
Fresh Start Checking Account |
The Fresh Start Checking Account is available to eligible members who have had a record reported to a consumer reporting agency. If the Fresh Start Checking Account is in good standing for one year, the account may be converted to another checking account at the member’s request. The Fresh Start Checking Account is a non-dividend earning account. Requisitos de saldo mínimo y depósito |
Rewards Checking Account |
Requisitos de saldo mínimo y depósito Información sobre las tasas Capitalización y acreditación de dividendos |
Checkless Checking Account |
The Checkless Checking Account is available to eligible members who want to avoid overdraft check fees and have opted to not write checks on their account. The Credit Union will not order checks for this account type. The Credit Union is not responsible for monitoring if the accountholder orders checks from a third party and payment of checks will not be prohibited. The Checkless Checking Account is a non-dividend earning account. Requisitos de saldo mínimo y depósito |
Health Savings Checking Account |
Requisitos de saldo mínimo y depósito Información sobre las tasas Capitalización y acreditación de dividendos Incorporation of Health Savings Account Agreement & Disclosures |
| 91 Day Term Certificate | Capitalización y acreditación de dividendos |
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Term Certificates |
Our Term Certificates range from 6 month to 60-month terms. Capitalización y acreditación de dividendos |
| Roth IRA Term Certificates |
Our Roth IRA Term Certificates range from 12 month to 60-month terms. Capitalización y acreditación de dividendos |
Coverdell Education Savings Term Certificates |
Our Coverdell Education Savings Term Certificates range from 12 month to 60-month terms. Capitalización y acreditación de dividendos |
IRA Term Certificate |
Our IRA Term Certificates range from 12 month to 60-month terms. Capitalización y acreditación de dividendos |
This EFT Disclosure and Agreement as amended from time to time (“Agreement”) sets forth the terms and conditions governing the use of the SCE Federal Credit Union electronic transfer services. Disclosure information that applies to all electronic services offered by SCE Federal Credit Union is given below, followed by specific disclosure information for each service. SCE Federal Credit Union may also provide remittance transfers (defined by Regulation E, Subpart B, as an “electronic transfer of funds of more than $15 which is requested by a sender and sent to a designated recipient in a foreign country by a remittance transfer provider”). The terms and conditions for such electronic transfers will be disclosed to you separately when you receive those services, and may differ from the terms and conditions disclosed herein. As applicable and to the extent not in conflict with such separately provided disclosures, the terms and conditions herein shall apply to remittance transfers that also meet the definition of an “electronic fund transfer” under Regulation E, subpart A. This Agreement takes the place of all prior agreements and disclosures governing the use of all electronic services. By retaining, using, or allowing others to use the electronic services offered by SCE Federal Credit Union, you are agreeing to be bound by the terms and conditions of this Agreement. In this Agreement, the term “you” and “your(s)” refer to the member, and the terms “we,” “us” and “our(s)” refer to SCE Federal Credit Union.
Personal Identification Number
The Credit Union will issue you a Personal Identification Number (PIN) that must be used with the ATM/Debit Card for transactions that require the use of a PIN. This number should be memorized. DO NOT write it on your ATM/Debit Card or where it is easily accessible by others. After memorizing your PIN, you should destroy the notice disclosing your PIN in a secure manner. If you forget, misplace or otherwise disclose your PIN, contact the Credit Union and we will issue you a new one.
Right to Receive Documentation of Transactions
You will get a monthly account statement reflecting all of your transactions unless there is no activity in a particular month. In any case you will get the statement at least quarterly. Depending on the terminal, or if the transaction is $15 or less, you may receive a receipt at the time you make a transaction at a terminal. If you do receive a receipt, retain the receipt to compare with your monthly statement from the Credit Union.
Your liability for lost, stolen or unauthorized transactions involving automated teller machine (ATM) cards
Tell us at once if you believe your ATM/Debit Card and/or Personal Identification Number (PIN) has been lost or stolen, or if you believe that an electronic transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit if you have one with us). If you tell us within two (2) business days, you can lose no more than $50 if someone used your ATM/Debit Card or PIN without your permission. If you DO NOT tell us within two (2) business days after you learn of the loss or theft of your ATM/Debit Card or PIN, and we can prove that we could have stopped someone from using your ATM/Debit Card or PIN without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If you have authorized someone else to use the ATM/Debit Card and/or PIN, you are responsible for all transactions that person or persons initiates at any time, even if the amount or transactions exceed what you may have authorized.
Your liability for lost, stolen or unauthorized transactions involving Visa Debit Card
Tell us at once if you believe your Debit Card and/or Personal Identification Number (PIN) has been lost or stolen or if your statement shows an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit if you have one with us). If you tell us within 60 days of our sending your statement, you can lose no more than $50 if someone used your debit card without your permission. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the close of the 60 days and before notice to us. If your delay in notifying us was due to extenuating circumstances beyond your reasonable control, including extended travel, you or a member of your family’s serious illness or death, hospitalization, permanent mental impairment or serious physical impairment, unless the circumstance did not reasonably contribute to your delay in notifying us within the 60-day period, we will extend the 60-day period by a reasonable period.
Special notice to Visa Debit cardholders
If there is an unauthorized use of your Visa Debit Card or a Plus network or Interlink transaction, and the transaction takes place on the Visa network, then your liability will be zero ($0.00). This provision limiting your liability does not apply to Visa Corporate Card Transactions, Visa Purchasing Card Transactions, Anonymous Visa Prepaid Card Transactions, ATM cash disbursements processed on non-Visa or non-Plus networks, or non-Visa PIN-less debit transactions. Additionally, your liability with respect to unauthorized transactions may be greater than the above zero ($0.00) liability limit, to the extent allowed under applicable law, if the credit union reasonably determines, based on substantial evidence, that you were negligent or fraudulent in the handling of your account or card. In any case, to minimize your potential liability you should notify us of any unauthorized use no later than 60 days after your statement was mailed to you.
How to notify the Credit Union in the event of an unauthorized transaction
If you believe your ATM/Debit Card or PIN has been lost or stolen, or that someone has transferred or may transfer money from your account without your permission, call us at 800.866.6474 or write to us at PO Box 8017, El Monte CA 91734. You should also call the number or write to the address listed above if you believe a transfer has been made using information from your check without your permission.
Business Days
Our business days are Monday through Friday, excluding holidays.
Our liability for failure to make transfers
If we do not complete a transaction to or from your savings or checking account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance, if:
There may be other exceptions not specifically mentioned above.
In case of errors or questions about your electronic transfers
Call us at 800.866.6474 or write us at PO Box 8017, El Monte CA 91734 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. (If the error you assert is an unauthorized Visa transaction, other than a cash disbursement at an ATM, we will credit your account within 5 business days unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within 10 business days.) If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.
For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error.
We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
Charges
In order to obtain the electronic services listed, you must open and maintain a savings or checking account. All charges associated with our electronic fund transactions are disclosed in our Rate and Fee Schedule which accompanies this Disclosure and Agreement.
Disclosure of account information to third parties
We will disclose information to third parties about your account or the transfers you make:
Address change
Keep the Credit Union informed of your current address to insure correct mailing of monthly statements. If we do not have your current address on file, you will be assessed the fee as stated on the Schedule of Fees and Charges. If you have elected to receive statements electronically, it is also your responsibility to keep the Credit Union informed of your current email address.
Amendments
The Credit Union may change the terms and conditions of this Agreement from time to time by mailing written notice to your address as it appears on our records. If any change results in greater cost or liability to you or decreases access to your Accounts, you will be given at least twenty-one (21) days prior notice of the change. Prior notice may not be given where an immediate change in terms or conditions is necessary to maintain the integrity of the system and/or the security of ATM Cards, Debit Cards or designated accounts.
Termination
You may terminate this Agreement with us at any time. The Credit Union reserves the right to terminate this Agreement and/or your use of your ATM/Debit Card or PIN with or without cause. We may do so immediately if:
Additional benefits/card enhancements
The Credit Union may from time to time offer additional services to your Account. Some may be at no additional cost to you and others may involve a specified fee. You understand that the Credit Union is not obligated to offer such services and may withdraw or change them at any time.
Waiver of rights
The Credit Union can delay enforcing any of the provisions under this Agreement or the law any number of times without losing its right to enforce them at a later date.
Other agreements
Except as stated otherwise in the Agreement, this Agreement does not alter or amend any of the terms or conditions of any other agreement you may have with the Credit Union.
Severability
If any part of this Agreement should be held to be unenforceable, the remaining provisions of this Agreement shall remain in full force and effect.
Who is bound by this agreement
Each person who signs the Application agrees to be bound by the terms and conditions of this Agreement. If more than one person signs the application, all signers are jointly and severally liable. The Credit Union can waive or delay enforcement of its rights as to one signer without affecting its ability to enforce its rights as to the other signers. The Agreement is also binding upon your heirs, personal representatives and successors.
Signatures
By using your access to the system, or authorizing anyone else to use your access to the system, and/or by signing the application, you agree to be bound by the terms and conditions of this Agreement and Disclosure.
| Additional disclosure applicable to ACH services | Documentation of Direct Deposit Disclosure of right to stop payment
Transactions available
All payments and deposits are subject to later verification by us. |
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| Additional Disclosures Applicable to ATM services | Rules for use ATM fees Transactions available
Some of the transactions listed above may not be available at all terminals. All payments and deposits are subject to later verification by us. Limitations on transactions Access cards ATM safety
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| Additional disclosures applicable to audio response | Transactions available
All payments and deposits are subject to later verification by us. Limitations on transactions |
| Additional disclosures applicable to Visa Debit Card services | Issuance of card Responsibility for Transactions Merchant disputes Limitations on dollar amounts and frequency of transactions Visa Debit Card default limit is up to $3,000 ($250 for Teen Checking Accounts) for every 24-hour period when used at places that accept Visa Debit Cards as long as your available balance will cover the transaction or have not been assigned a custom limit. You may make up to 15 total transactions per each 24-hour period. Use of the card
You may use the Card without the PIN to:
Some of these services may not be available at all terminals. Use of the Card, the Account number on the Card, the PIN or any combination of the three for payments, purchases, or to obtain cash from merchants, financial institutions or others who honor Visa Debit Cards is an order by you for the withdrawal of the amount of the Transaction from your Account. Each Transaction with the Card will be charged to your Account on the date the Transaction is posted to your Account. When the Credit Union receives notification of a Debit Card transaction, it will put a hold on an equivalent amount of funds in your checking account for 3 days or until the day the transaction is charged to your account. All Card transactions covered by this Agreement are subject to the terms and conditions of your Account agreements with us governing the affected Accounts, except as modified by this Agreement. Any future changes to your Account agreements may affect the use of the card. Illegal use of Visa Debit Card Overdrafts Refusal to honor card Foreign transactions Consumer reports |
| Additional disclosures applicable to Online or Mobile Banking services | System requirements Transactions available
Limitations on transactions
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| Additional disclosures applicable to Bill Pay services | The Credit Union’s Bill Payer service is available to you under guidelines described in this agreement and via the online enrollment disclosure. You authorize the Credit Union to debit your designated Checking Account(s) for any transactions processed through the use of our Bill Payer service, including all charges as shown in the Schedule of Fees and Charges associated with Bill Payer service. Requirements and your responsibilities for use of this service are described below. System requirements Your payees The payee details will indicate the number of days required for processing. Payments made by check required a minimum of five business days for processing and electronic payments require a minimum of two business days for processing. Scheduling a payment In order to ensure payments are received by the “deliver by” date, payments are processed (but not charged to your account) 2 business day before the “deliver by” date after 1pm (PST) for electronic payments. Payments made by check are processed 5 business days before the “deliver by” date after 1pm (PST) and are charged once the Payee negotiates the issued check which is drawn directly on the designated Checking Account. Please make sure you have available funds in your account at least four (4) days prior to your selected “deliver by” date as the funds can clear as soon as your payee receives the check. The maximum payment amount is $9,999.99 per transaction. Bill Pay withdrawals To determine if a payment will be paid electronically or by check, locate the payment in the “Scheduled payments” section of the main Bill Pay page and click the “Edit” icon. How a payment is scheduled to be made, electronic or check, will display in the pop-up box next to “Type.” It is your responsibility to have sufficient funds for the payment to be processed. In the event that you do not have sufficient funds then you may be assessed an overdraft, Courtesy Pay or NSF fee as a result of these transactions as disclosed in our Schedule of Fees and Charges. The Credit Union may overdraft from your other share accounts (as applicable) according to the instructions you have given the Credit Union (if any) if there are not sufficient funds in the designated Checking Account. Transactions available
Limitations on transactions
The Credit Union will not be held liable under any circumstances for payments made to any of the following:
Methods and restrictions It is important that you take into consideration what method of bill payment will be used when scheduling bill payments to ensure payment deadlines are met. If the payee accepts electronic bill payment, the payment may take up to two business days to be delivered. If the payee does not accept electronic bill payment, the payment will be sent in a check form, and may take up to five business days to be delivered. Expedited payment delivery options may be available for an additional charge. The bill pay system will display the expedited delivery date based on the payee payment method, either electronic or check. Refer to the Schedule of Fee and Charges for cost of an expedited electronic and expedited check payment. This service may be revoked at any time by the Credit Union and any payments scheduled may be cancelled at any time without further notification in the event of misuse, fraud, and/or abuse. The Credit Union may restrict your account from scheduling further payments if you have scheduled a payment and have insufficient funds in your account to cover the Bill Pay payment or in the event you have a delinquent loan or if your account fails to comply with guidelines specified in this disclosure. Editing or cancelling a pending payment Cancelación de pago To place a stop payment call us at 800.866.6474 or write to us at PO Box 8017, El Monte CA 91734 Attention: Electronic Services department. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call. eMail notifications
Member responsibilities
Fee schedule |
| Regulations relating to Wire (funds) Transfers | Applicable law Funds transfer cut-off time Service charges/fees Security procedures Use of Fedwires Identification of beneficiary Identification of beneficiary and intermediary bank by number Provisional ACH payments Notice of receipt of ACH funds Receipt of incoming (non-ACH) funds transfer Payment of dividends (or interest) |
Our policy is to delay the availability of funds that you deposit in your account. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.
Determining the availability of a deposit
The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit prior to the close of business on a business day we are open, we will consider that day to be the day of your deposit. A 24-hour hold will be placed on the deposit, if deemed necessary, a longer hold will apply.
However, if you make a deposit after the close of business or on a day we are not open, we will consider that the deposit was made on the next business day we are open. A 24-hour hold will be placed on the deposit, if deemed necessary, a longer hold will apply. All deposits made at a non-proprietary (not owned by the Credit Union) ATM will be made available for withdrawal by the fifth business day following the banking day of deposit. The length of the delay varies depending on the type of deposit and is explained below.
Same-day availability
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Next-day availability
Funds from the following deposits are available on the first business day after the day of your deposit:
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day of your deposit.
Other check deposits
Funds from other check deposits will not be available until the second (2nd) business day after the day of your deposit. The first $225 of your deposits, however, will be made available on the first business day.
Longer delays may apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the 7th business day after the day of your deposit.
Special rules for new accounts
If you are a new member, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, federal, state and local government checks and United State Postal money orders will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the 9th business day after the day of your deposit.
Deposits at automated teller machines (ATMs)
Funds from any deposits (cash or checks) made at ATMs we do not own or operate may not be available until the fifth business day after the day of your deposit. This rule does not apply at ATMs that we own or operate.
In accordance with California’s Unclaimed Property Law, C.C.P. §1500, et seq., any funds held by the Credit Union (including, without limitation, funds in a share, share draft, certificate, or other account, sums for the payment of cashier’s checks, teller’s checks, etc.) may be transferred to the Unclaimed Property Division of the California State Controller’s Office if no activity occurs in the account within the time period specified by state law. In addition, any property held in a Credit Union safe deposit box may be transferred upon the running of the time period specified by state law from the date any lease or rental period expires or any agreement for the safe deposit box terminates. We may assess a fee for sending you notice regarding your unclaimed property as set forth in our Fee Schedule.
The holder(s) of this account shall inform the Credit Union of any change in their address(es). The shares and accumulated dividends earned thereon will escheat to the Office of the State Treasurer if, for a period of three (3) years:
In addition, any property held in a Credit Union safe deposit box may be transferred upon the running of the time period specified by state law from the date any lease or rental period expires or any agreement for the safe deposit box terminates.
| Definitions | Account Agreement – any savings, checking, term certificate, trust, Totten trust or UTMA account TIS Agreement – Truth In Savings Agreement entitled “Membership Agreement and Disclosure” |
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Membership Application | The terms, conditions and information contained in the Membership Application, and all amendments thereto, are by this reference hereby incorporated in their entirety into this TIS Agreement and become an integral part of the General Terms and Conditions of the Credit Union Accounts. |
Account Ownership | The ownership of trust, Totten trust and UTMA accounts shall be governed by the applicable Account Agreement. Unless otherwise specified in the Account Agreement, the parties who sign an Account Agreement agree with each other and with the Credit Union that all funds in the accounts shall be owned as follows:
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Special Rules for Joint Accounts | Withdrawals by and Liability of Joint Owners – The Account Holders of an account agree with each other and with the Credit Union that all funds and all accumulations thereon are and will be owned by all Account Holders jointly and equally regardless of their net contributions and are subject to the withdrawal of or receipt by any of the Account Holders, and payment to any of them shall be valid and discharge the Credit Union from any and all liability for such payment. The Account Holders of an account expressly agree that each Account Holder is jointly and severally liable for any and all overdrafts, losses or charges to an account created by any Account Holder(s). Deposits – The Credit Union may cash or deposit all checks payable to any signer when endorsed by any other signer. Disputes – If there is a dispute about ownership or control of an account, the Credit Union may place a hold on the account and not release funds until the Credit Union receives either a court order or an instruction signed by all persons claiming an interest in the account. |
Special Rules for Minor Accounts | Minor Accounts are joint accounts owned by the minor and a joint account owner who is at least 18 years of age. The adult joint account owner must be an existing member in good standing. Good standing is defined as a member who maintained an active account with a positive account history for the preceding six months regardless of when the account was opened. The Credit Union may complete transactions that may include payments of funds directly to the minor without regard to his or her minority. The Credit Union has no duty to inquire about the use or purpose of any transaction by the minor or joint owner. The Credit Union will not honor any transaction request by a parent or guardian who is not a joint account owner. In order for the minor to be allowed to make debits or withdrawals from the account, the minor must be issued a debit card and the joint owner must authorize a withdrawal amount limit. Once the minor reaches the age of majority, this restriction will be lifted. |
Changes in Terms & Conditions | The use of an account is subject to such other terms, conditions and requirements as the Credit Union may establish from time to time. The Credit Union has the right to change the terms and conditions of this Agreement at any time, in any manner, and for any reason. We may delete or modify existing terms. We may add new terms without regard to whether the matter is already addressed by this Agreement. We may offer new or different services at any time, and may convert an existing account or service into a new account or service. We will generally notify you in advance of changes by sending written notice to your address as it appears on our records. However, we may make changes without sending you advance notice, unless such notice is required by law. By continuing to use or keep your account open, you will be deemed to accept and agree to any such changes in terms. |
Order of Posting; Understanding Your Available and Actual Balance | Order of Posting: The order in which items are paid is important if there is not enough money in your account to pay all of the items presented. We will pay checks, automated debits (ACH), debit card transactions, ATM withdrawals and point-of-sale transactions in the order presented for payment to the Credit Union.
The Credit Union reserves the right to adjust the above processing times in its sole discretion. Actual and Available Balances: To properly manage the money in your account and avoid Courtesy Pay (overdraft) and Insufficient Fund (NSF) Fees, it is important that you understand the difference between your “actual balance” and your “available balance” . Your “actual balance” is updated throughout the day as transactions are posted to your account. The actual balance will not reflect or include any pending, un-posted authorized transactions. Your “available balance” is the amount in your account at a particular time that is available for immediate withdrawal. Your available balance is updated throughout the day to reflect holds and pending debit transactions. The difference between your actual balance and your available balance is the result of pending activity that has not yet posted to the account (examples, any “pending” debit card merchant withdrawals authorized for payment and deposits that have a hold and are not available for immediate withdrawal). We will use the “available balance” in your account to determine if you have sufficient funds to cover your transactions. You can determine your available balance at the ATM, by phone or by accessing your account with Online or Mobile Banking. You understand that you may be overdrawn even when your actual balance is positive. You also understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction t you wish to make because your available balance will not reflect all of your outstanding checks, automatic bill payments or recent deposits. In addition, a debit card transaction may cause your account to be overdrawn if the available balance is not sufficient at the time of posting even if the available balance was sufficient at the time it was authorized. Also note, your available balance may not reflect all of your pending debit card transactions if an authorization hold is released prior to the transaction being presented for payment. For example, if a merchant obtains your prior authorization but does not submit a one-time debit card transaction for payment within two (2) business days of authorization (or for up to thirty (30) business days for certain types of debit card transactions), we are required to release the authorization hold on the transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. You must keep careful records and practice good account management to avoid making transactions without sufficient funds available for withdrawal. For additional details on the availability of your funds for withdrawal, see the section entitled “Your Ability to Withdraw Funds.” If you have additional questions about your available or actual balance, please see a branch representative or call 800.866.6474. Example 1: If you write a check for $25 but it has not yet cleared your account, your available balance will be $25 less than what is reflected by your actual balance. Example 2: If you authorize a debit card transaction for $30 but it has not yet posted to your account, your available balance will be $30 less than what is reflected by your actual balance. Example 3: The following transactions are not reflected in your available balance:
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Authorization Holds for Debit Card Transactions | When you make a purchase with your Debit Card without entering your PIN, the merchant or other payee may seek our prior authorization and guarantee of payment for the transaction. If we authorize the transaction, we place a temporary hold for the authorized amount in the account linked to your Debit Card. We refer to this temporary hold as an “authorization hold,” and the amount of the authorization hold will be subtracted from your available balance (generally in real time as transactions are received by us throughout each day). The Credit Union will not authorize everyday Debit Card transaction amounts that exceed your current available balance unless you have asked us to do so. The amount of an authorization hold may differ from the actual transaction amount because the actual transaction amount may not yet be known to the merchant when the authorization request is submitted. Examples include, at-the-pump fuel purchases where the authorization occurs prior to fuel being pumped, restaurant purchases where the authorization occurs prior to the addition of a gratuity, or hotel or rental car transactions where the authorization is for an estimated amount prior to check-out. For those transactions, there may be no authorization hold, or the amount of the authorization hold may be different from the transaction amount. In some other cases we may not receive an authorization request from the merchant, and there will be no authorization hold reflected in your available balance. We place authorization holds for up to two (2) business days (or for up to thirty (30) business days for certain types of Debit Card transactions) from the time of the authorization. If the transaction is not submitted for payment by the merchant within the specified time period, we must release the authorization hold, which will increase your available balance until the transaction is submitted for payment by the merchant and it is posted to your account. We urge you to record and track all of your transactions closely to confirm that you will not overdraw your account by spending funds that are not available to you. |
| Overdrafts | The Credit Union is under no obligation to pay an item (such as a check, ACH, ATM and Debit Card transactions) which exceeds the available balance in an account; the Credit Union may, however, pay an item and recover or obtain a refund of the amount of the resulting overdraft plus a fee, (see Schedule of Fees and Charges) from any of the Account Holders of this account, each of whom expressly agrees that each Account Holder is jointly and severally liable for any and all overdrafts of this account and any and all associated costs created by any Account Holder. When an item is returned unpaid due to insufficient available funds and not covered by the Courtesy Pay Program (see For Checking Accounts with Courtesy Pay), or when an authorized debit card transaction is paid that exceeds your available balance, including your Courtesy Pay limit if applicable, at the time it is presented for payment, you will be charged a Non-Sufficient Funds (NSF) fee, as stated in the Credit Union’s Schedule of Fee and Charges. |
| Notice | Notice to one Account Holder shall constitute notice to all persons authorized to have access to the account. |
| Ability to Pledge Funds | Any or all of the joint Account Holders may pledge all or any part of the funds as security for a loan or loans with the Credit Union only. |
| Financial Abuse Reporting | Account Holder(s) understand(s) and agree(s) that the Credit Union may report known or suspected illegal or fraudulent activity including, but not limited to, the following:
to appropriate law enforcement or government entities, as required or permitted by law. In addition, the Credit Union reserves the right to suspend, restrict, deny or terminate account services and activity, including the placement of an administrative hold (freeze) on account proceeds, or take such other actions as deemed necessary under the circumstances. Account Holder(s) agree(s) to indemnify and hold the credit union harmless from and against all claims, actions, damages, losses, and expenses, including attorneys’ fees, as a result of any action or inaction taken in relation to the matters described here. |
| Enforcement of Liens | All funds in an account remain subject to any and all liens, including but not limited to statutory liens and/or consensual liens, security interests, rights of offset and charges, notwithstanding the source of the contribution. |
| Notification of Changes | Each Account Holder agrees to promptly notify us in writing of any change in address(es). If you fail to do so, we may send notices, statements or other important information to the address shown in our records and you agree to release us from any liability for doing so. You also agree to notify us in writing of any change in ownership or authorized signers, or if an owner or authorized signer dies or is placed under legal guardianship or conservatorship. We may, at our option, require a new Account Agreement to be completed before any such change takes effect. Any such changes shall not affect transactions previously made. |
| Consent to contact | You agree we and/or our third-party debt collectors may contact you by telephone or text message at any telephone number associated with your account, including wireless telephone numbers (i.e., cell phone numbers) which could result in charges to you, in order to service your account, prevent fraud or collect any amounts owed to us, excluding any contacts for advertising and telemarketing purposes as prescribed by law. You further agree methods of contact may include use of pre-recorded or artificial voice messages, and/or use of an automatic dialing device. You may withdraw the consent to be contacted at your wireless telephone number(s) at any time by written notice to us at SCE Federal Credit Union, PO Box 8017, El Monte CA. 91734-2317, by email to [email protected], by telephone at 800.866.6474 or by any other reasonable means. If you have provided or provide a wireless telephone number(s) to us in connection with your accounts, or any of them, you represent and agree you are the wireless subscriber or customary user with respect to the wireless telephone number(s) provided and have the authority to give this consent. Furthermore, you agree to notify us of any change to the wireless telephone number(s) which you provide to us. You agree to indemnify us and our third-party debt collectors, and hold us and our third-party debt collectors harmless, from and against any and all losses, claims, damages, liabilities, costs or expenses (including any attorneys’ fees) that arise out your breach of any of the foregoing representations and agreements. |
Waiver of Certain Rights | The Credit Union reserves the right to waive the enforcement of any of the provisions of this TIS Agreement with respect to any transaction or series of transactions. Any such waiver will not affect the right of the Credit Union to enforce any of its rights with respect to later transactions and is not sufficient to modify the terms and conditions of this TIS Agreement. |
Consumer Reports | The Credit Union makes credit available to its members on a regular basis. The Applicant(s)/Account Holder(s) of the account authorizes the Credit Union to obtain consumer reports in connection with credit and business transactions involving the Applicant(s)/Account Holder(s), including but not limited to applying for membership, the opening of a savings or share/draft account or the issuance of an ATM Card, Debit Card, or other service provided by the Credit Union, and the Applicant(s)/Account Holder(s) of the account authorize any person, association, or corporation to furnish on request of this Credit Union, information concerning the affairs of the Applicant(s)/Account Holder(s). The Applicant(s)/Account Holder(s) also authorizes the Credit Union to furnish information concerning the account to consumer reporting agencies. |
| Negative Credit Reporting | We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. |
Reporting Inaccurate Information | If you believe the Credit Union is reporting inaccurate information to a credit reporting agency, please notify us at SCE Federal Credit Union, Attention: Account Administration, P.O. Box 8017, El Monte, CA 91734, so we can investigate. |
Post-Dated Checks | The Credit Union will treat all checks as though the checks were written on the date presented. |
Examination of Statements | The Account Holder(s) to whom the periodic statement of account is sent agree(s) to exercise reasonable care and promptness in examining the statement to discover any errors or discrepancies, and to promptly notify the Credit Union after discovery thereof. |
Non-Cash Payments | Non-cash payments deposited into an account may be credited subject to final payment. |
Fees & Charges | All accounts shall be subject to service charges in accordance with fee schedules adopted by the Credit Union as amended from time to time. |
Attorneys’ Fees | You agree to pay the Credit Union all of our costs and reasonable attorneys’ fees, including all collection costs, litigation costs, skip-tracing fees, and outside services fees incurred while we are enforcing our rights under this Agreement. |
Credit Union’s Right to Offset | Account Holder(s) agrees that the Credit Union has the right to offset against any account of any Account Holder to cover any amount owing to the Credit Union for any reason. Account Holder(s) understand that this means that the Credit Union has the right to impress and enforce a statutory lien against the Account Holder(s’)’s shares and dividends in the event of the failure of the Account Holder(s) to satisfy any financial obligation due and payable to the Credit Union. Account Holder(s) understand that the Credit Union may enforce this right without further notice. The above-described right to offset shall not apply with respect to any written trust instrument or custodial agreement created or organized in the United States and forming part of a tax-advantaged savings plan which qualifies or qualified for specific tax treatment under sections 223, 401(d), 408, 408A and 530 of the Internal Revenue Code (26 U.S.C. 223, 401(d), 408, 408A and 530). |
Governing Law | This TIS Agreement shall be construed in accordance with the laws of the State of California, including the California Uniform Commercial Code (UCC). |
Transfers to Third Parties | No more than six preauthorized, automatic, online or telephonic transfers made to another account at the Credit Union or to a third party or no more than six transfers or withdrawals made by check, draft, debit card or similar order payable to a third party may be made from each savings account or money market deposit account in any calendar month. If an Account Holder exceeds, or attempts to exceed, these transfer limits, the excess transfer requests may be refused or reversed, a fee may be imposed on the excess transfer requests, and the Credit Union may reclassify or close the account. Transfers initiated by telephone must be counted among the six-monthly transfers, except that there are no limits on the number of withdrawals paid directly to an Account Holder when initiated by mail, telephone or messenger. There are no limits on the number of withdrawals if initiated in person. |
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Withdrawals, Prior notice Requirement | The Credit Union reserves the right to require prior written notice of intention to withdraw all or any part of savings not to exceed the notice requirement as set forth in the Credit Union’s bylaws. |
| Pledging of Funds | Term certificates may not be pledged, transferred, or assigned to any party other than the Credit Union unless otherwise provided by statute. Savings invested for an Individual Retirement Account (IRA) or Keogh Plan may not be pledged as security for any loan. The Credit Union reserves the right to offset this certificate except as otherwise precluded by law. If the Credit Union offsets funds from this certificate, the funds withdrawn are subject to the early withdrawal penalty. |
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Withdrawals, Approved Methods | Only checks and other methods approved by the Credit Union may be used to withdraw funds from a checking account. |
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Electronic Check Conversion | Upon prior notification from the merchant to the Account Holder, a purchase made with a check can be converted to a one-time electronic fund transfer (EFT) if authorized by the Account Holder. The Account Holder may also authorize merchants to electronically debit the account for returned check fees. It is agreed that the Account Holder authorizes the electronic funds transfers if the transaction is completed after being told (orally or by a notice posted) that the transfer may be processed electronically or if the Account Holder signs a written authorization. |
Demand Checks | The Credit Union may pay and charge to the applicable checking account, checks drawn by and payable to any person, organization, association or corporation that has been authorized by an Account Holder to be paid, by the provision of MICR encoded information on the account. It is agreed that the Credit Union’s rights in respect to such checks shall be the same as if it were a check drawn and signed by an Account Holder(s) personally. This authority shall remain in effect until revoked by an Account Holder in writing. It is agreed that the Credit Union shall be fully protected in honoring such checks. It is further agreed that if any such check is dishonored, whether with or without cause, and whether intentionally or inadvertently, the Credit Union shall incur no liability whatsoever, even though such dishonor results in the forfeit of insurance, loss or damage of any kind. |
Overdrafts | The Credit Union is under no obligation to pay an item (such as check, ACH, ATM and debit card transactions) which exceeds the available balance in an account; the Credit Union may, however, pay an item and recover or obtain a refund of the amount of the resulting overdraft plus a fee, (see Schedule of Fees and Charges) from any of the Account Holders of this account, each of whom expressly agrees that each Account Holder is jointly and severally liable for any and all overdrafts of this account and any and all associated costs created by any Account Holder. When an item is returned unpaid due to insufficient available funds and not covered by the Courtesy Pay Program (see For Checking Accounts with Courtesy Pay) or when an authorized debit card transaction is paid that exceeds your available balance, including your Courtesy Pay limit if applicable at the time it is presented for payment, you will be charged a Returned Item or NSF (Non-Sufficient Funds) fee, as stated in the Credit Union’s Schedule of Fees and Charges. Order of Posting: The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. We will pay checks, automated debits (ACH), ATM withdrawals, debit card transactions (that may be completed with or without entering your PIN) in the order presented for payment to the Credit Union.
The Credit Union reserves the right to adjust the processing times any items at it’s sole discretion. Actual (Current) and Available Balances: It is also important that you understand the difference between your “actual balance” and your “available balance” to properly manage the money in your account and avoid Courtesy Pay (overdraft) and insufficient fund fees. Your “actual balance” is updated throughout the day as transactions are posted to your account. The actual balance will not reflect any pending, un-posted authorized transactions. Your “available balance” is the amount you have in your account at a particular time that is available for immediate withdrawal. Your available balance is updated throughout the day to reflect holds and pending transactions. The difference between your actual balance and your available balance is the result of pending activity that has not yet posted to the account (example, any “pending” debit card merchant withdrawals which have been authorized for payment and deposits that have a hold and are not available for immediate withdrawal). We will use the “available balance” in your account to determine if you have sufficient funds to cover your transactions. You can determine your available balance at the ATM, by phone or by accessing your account online or with mobile banking. You understand that you may be overdrawn even when your actual balance is positive. You also understand that you may still overdraw your account even though the available balance appears to show there are sufficient funds to cover a transaction that you wish to make because your available balance will not reflect all your outstanding checks, automatic bill payments or recent deposits. In addition, a debit card transaction may cause your account to be overdrawn if the available balance is not sufficient at the time of posting even if the available balance was sufficient at the time it was authorized. Also note, your available balance may not reflect all of your pending debit card transactions if an authorization hold is released prior to the transaction being presented for payment. For example, if a merchant obtains your prior authorization but does not submit a one-time debit card transaction for payment within two (2) business days of authorization (or for up to thirty (30) business days for certain types of debit card transactions), we are required to release the authorization hold on the transaction. The available balance will not reflect this transaction once the hold has been released until the transaction has been received by us and paid from your account. You must keep careful records and practice good account management to avoid making transactions without sufficient funds available for withdrawal. For additional details on the availability of your funds for withdrawal, see the section entitled “Your Ability to Withdraw Funds.” If you have additional questions about your available or actual balance, please see a branch representative or call 800.866.6474. Example 1: If you write a check for $25 but it has not yet cleared your account, your available balance will be $25 less than what is reflected by your actual balance. Example 2: If you authorize a debit card transaction for $30 but it has not yet posted to your account, your available balance will be $30 less than what is reflected by your actual balance. Example 3: The following transactions are not reflected in your available balance:
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Authorization Holds For Debit Card Transactions | When you make a purchase with your Debit Card without entering your PIN, the merchant or other payee may seek our prior authorization and guarantee of payment for the transaction. If we authorize the transaction, we place a temporary hold for the authorized amount in the account linked to your Debit Card. We refer to this temporary hold as an “authorization hold,” and the amount of the authorization hold will be subtracted from your available balance (generally in real time as transactions are received by us throughout each day). The Credit Union will not authorize everyday Debit Card transaction amounts that exceed your current available balance unless you have asked us to do so. The amount of an authorization hold may differ from the actual transaction amount because the actual transaction amount may not yet be known to the merchant when the authorization request is submitted. Examples include, at-the-pump fuel purchases where the authorization occurs prior to fuel being pumped, restaurant purchases where the authorization occurs prior to the addition of a gratuity, or hotel or rental car transactions where the authorization is for an estimated amount prior to check-out. For those transactions, there may be no authorization hold, or the amount of the authorization hold may be different from the transaction amount. In some other cases we may not receive an authorization request from the merchant, and there will be no authorization hold reflected in your available balance. We place authorization holds for up to two (2) business days (or for up to thirty (30) business days for certain types of Debit Card transactions) from the time of the authorization. If the transaction is not submitted for payment by the merchant within the specified time period, we must release the authorization hold, which will increase your available balance until the transaction is submitted for payment by the merchant and it is posted to your account. We urge you to record and track all of your transactions closely to confirm that you will not overdraw your account by spending funds that are not available to you. |
Insufficient Funds – Overdrafts and Returned Items | Overdrafts and Returned Items You are responsible for keeping track of your available balance. If you track your available balance accurately and you do not exceed this balance when a transaction is presented for payment or posted to your account, you will avoid overdrafts and the associated fees. It is imperative that you keep track of the outstanding transactions you may have authorized (such as outstanding checks or automatic bill payments for example), as your available balance will not reflect these transactions until they are paid from your account. As discussed in the “Actual and Available Balance” section, our record of your available balance may also not reflect all of your Debit Card transactions. Also remember that you should not assume that you can avoid an overdraft on your account by making a deposit before a check or other item is presented for payment because your deposit may not be immediately available for withdrawal. |
Insufficient Funds | We will generally charge a fee for any debit transaction that exceeds the available balance in your account at the time the transaction is presented for payment. Subject to applicable limits on fees, you may be charged a fee each time a transaction is presented for payment, even if the same transaction is presented for payment multiple times. If we pay the transaction, we will charge an overdraft (Courtesy Pay or NSF (if the item is paid and exceeds the available balance at the time of posting) fee. If we return the transaction, we will generally charge a returned item fee. Please see our Schedule of Fees and Charges for a listing of these and other fees. We pay overdrafts at our discretion, which means we do not guarantee that we will always, or ever, authorize and pay them. We are not obligated to pay any item presented for payment against your account if the available balance in your account is insufficient to cover the item. If we overdraw your account to pay items on one or more occasions, we are not obligated to continue paying future insufficient funds items. We may pay all, some, or none of your overdrafts, without notice to you. If we do not authorize and pay an overdraft, then we decline or return the transaction unpaid. |
Stale-Dated Checks | The Credit Union is under no obligation but may pay a check which is presented more than six (6) months after it is dated. The Credit Union may assess a special handling charge upon receipt of any such item in addition to a service charge upon the account in accordance with the fee schedules adopted by the Credit Union and as amended from time to time. |
Stop Payments | Any Account Holder(s) of this account may stop payment of any item drawn against the account. The Stop Payment Order must describe the item with reasonable certainty and must be received in such time and manner as to afford the Credit Union a reasonable opportunity to act upon it. A Stop Payment Order is effective for six (6) months, but it lapses after 14 calendar days if the original order was oral and was not confirmed in writing within that 14-day period. The Stop Payment Order may be renewed in writing for an additional six (6) month period. Written confirmation is not required if the Account Holder submits a Stop Payment Order through one of the available electronic services. |
Truncation of Checks | The Account Holder(s) acknowledges that checks are truncated and hereby waives any and all rights to receive the items without prejudice to any of the Credit Union’s defenses available under the California Uniform Commercial Code (UCC). |
Liability of Credit Union | Except for its own lack of good faith or failure to exercise ordinary care, the Credit Union is not liable for any action it takes regarding the payment or nonpayment of a check, even if nonpayment results in the forfeit of insurance, loss or damage of any kind. |
Closure of Account | The Credit Union may close a checking account at any time. Closure of a checking account will not affect the obligation to pay any outstanding balances or charges owed. |
For Checking Accounts with Savings Overdraft Protection | If any Account Holder(s) writes a check that would result in this Checking Account being overdrawn, the Credit Union is authorized to charge the designated share account(s), regardless of which party signed the item, in such multiples as determined by the Credit Union sufficient to permit the Credit Union to honor the check and any associated fees and to credit such charge to this Checking Account. No checking overdraft may be paid by charging a savings account if, as a result of such charge, that share account would be subject in any one month to more than six pre-authorized, automatic or telephonic transfers. |
For Checking Accounts with Loan Overdraft Protection | If any Account Holder(s) writes a check which would result in this Checking Account being overdrawn, and if at that time any Account Holder(s) is eligible to receive loan advances from this Credit Union on a loan designated on the Overdraft Agreement, the Credit Union is authorized to make an advance from the designated loan account, and to credit the advance to this Checking Account in such multiples as determined by the Credit Union sufficient to permit the Credit Union to honor such check and any associated fees. |
For Checking Accounts with Courtesy Pay | The Credit Union recognizes that sometimes you may overdraw your checking account. In such cases the Credit Union may decide to honor transactions for which there are insufficient funds. This is the Credit Union’s Courtesy Pay Program. The Credit Union provides the Courtesy Pay Program as an accommodation to you and is not obligated to do so, even when it has done so in the past. You do not need apply for this service. Qualification
Description of Service Unless the Credit Union currently has your affirmative consent (opt-in) on file, we will not approve your overdrafts for everyday debit card transactions (examples: transactions for restaurants, gas, or groceries). You must tell us you want overdraft coverage for these transactions. To request overdraft coverage for your everyday debit card transactions, contact us at 800.866.6474 or write to us at PO Box 8017, El Monte CA 91734-2317. Complete and sign the Courtesy Pay Consent form, which is provided with this disclosure, and return it to any Credit Union branch or mail it to us at the address stated above. The Credit Union will provide you with written confirmation of your opt-in choice. When an overdraft is covered, the account will be taken negative by the dollar amount of the overdraft plus the amount of the Courtesy Pay fee as stated in the Credit Union’s Fee Schedule. If we honor multiple overdrafts we may honor them in any order at the Credit Union’s option or return any such items. Courtesy Pay limits are:
Higher limits may be assigned based on if the account receives an electronic direct deposit through ACH or payroll direct deposit. The Courtesy Pay limit is based on the amount of the highest direct deposit received in the last 35 days.
When the Credit Union honors overdraft items, you must deposit funds immediately, but in no case more than thirty (30) days from the date any notice sent to you. If you fail to cover the total overdraft amount within thirty (30) days, the Credit Union may pursue all collection options available to it. The Credit Union may, but is not obligated to, transfer funds from your other accounts with us to cover the overdraft. The Courtesy Pay Program fee is a flat fee charged regardless of the amount the account is overdrawn and will be charged for each overdraft item presented and paid by the Credit Union. The charge for Courtesy Pay Service is described in our Fee Schedule. The Courtesy Pay Program service is a discretionary privilege offered members and not a right of membership. The Credit Union encourages you to properly maintain your accounts with us. You agree that the Credit Union will not be held liable for either paying or refusing to pay any overdraft item. The Credit Union reserves the right to discontinue this service at any time without any notice. If you do not want the Courtesy Pay Program or want to make changes to your coverage, you must inform the the Credit Union by contacting us in the manner most convenient to you. You may make changes at any time by:
Notice regarding non-sufficient funds (NSF) fees When a check or ACH transactionsis returned unpaid due to insufficient available funds and not covered by the Courtesy Pay Program, you will be charged anNSF fee, as stated in the Credit Union’s Fee Schedule. You will also be charged an NSF Fee, if a pre-authorized recurring debit card purchase is paid by force-posting it to your account and if it is not covered by Courtesy Pay. Pre-authorized, recurring debit purchases (such as gym memberships or movie subscriptions) cannot be returned unpaid since they were pre-authorized. If multiple items are returned unpaid due to insufficient available funds on the same day, you will be charged an NSF fee for each returned item. The same item may be presented for payment more than once, and you will be charged an NSF fee each time that item is presented and returned due to insufficient available funds. We pay overdrafts at our discretion, which means we do not guarantee that we will always, or ever, authorize and pay them. We are not obligated to pay any item presented for payment against your account if the available balance in your account is insufficient to cover the item. If we overdraw your account to pay items on one or more occasions, we are not obligated to continue paying future insufficient funds items. We may pay all, some, or none of your overdrafts, without notice to you. If we do not authorize and pay an overdraft, then we decline or return the transaction unpaid. |
